Crypto miner Marathon Digital adds $100m in Bitcoin to reserves

Bitcoin mining company Marathon Digital has purchased $100 million worth of BTC as part of its “HODL strategy.”

Cryptocurrency mining giant Marathon Digital said in a post on X on Thursday that it has purchased $100 million worth of Bitcoin (BTC) and is holding more than 20,000 BTC on its balance sheet as part of its HODL strategy.

Today, we are announcing that MARA has purchased $100,000,000 worth of BTC. And effective immediately, we are once again adopting a full HODL strategy. Learn more about us #Bitcoin Strategic Reserve: picture.twitter.com/pYxiclOtQa

— MARA (@MarathonDH) July 25, 2024

The American crypto mining company also said that Marathon Digital will hold all Bitcoin mined by its operations as part of its new approach and will “periodically make strategic open market purchases.” Referring to the purchase, Marathon Digital CEO Fred Thiel said that the strategy “reflects our confidence in the long-term value of Bitcoin” and encourages governments and companies to “all hold Bitcoin as a reserve asset.”

“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin.”

Fred Thiel, Marathon Digital CEO

Salman Khan, chief financial officer of Marathon Digital, said that Bitcoin’s recent price decline has given the miner “an opportunity to add to its holdings,” strengthening the company’s crypto balance sheet. Despite the news, Marathon Digital shares (MARA) were trading at -2.4% in premarket trading, according to data from Nasdaq.

The acquisition aligns with Marathon’s goal of doubling its mining capacity and reaching a hash rate of 50 EH/s by 2024. As Crypto.news previously reported, Marathon’s operations recently reached a hash rate of 24.7 EH/s, surpassing rivals Core Scientific and Riot Platforms. If Marathon reaches its 50 EH/s goal, it will have more than doubled its hash rate since the beginning of 2024.